Parking a car in new Moscow buildings has become twice as difficult

The coefficient of availability of parking spaces in the primary housing market in Moscow has halved compared to five years ago. Now one parking space in a new building is good for an average of two apartments.

— Developers began to build fewer parking spaces. This trend is due to the fact that customers are slowly picking them up. Most transactions in the primary market are made with a mortgage charge, so citizens postpone the purchase of parking spaces and storage spaces, said Nadezhda Korkka, an expert on the real estate market.

Note that in new buildings in many European cities (as, by the way, in South Korea), each apartment sold is automatically linked to a parking space in a multi-level parking lot. This is laid down at a legislative level. Partly because of this assignment, you will not see any cars parked along the side of the road in new housing estates.

In Russia, by juggling legal requirements, developers “liberate themselves” from the need to provide every rented apartment in a new building with at least one parking space. But they do not forget to sell parking spaces in the same built parking lots at ever increasing prices. Since 2020, the average price of a parking space in a new building in Moscow has increased by 39% to 2.2 million rubles.

The coefficient of availability of parking spaces in the primary housing market in Moscow has halved compared to five years ago. Now one parking space in a new building is good for an average of two apartments.

— Developers began to build fewer parking spaces. This trend is due to the fact that customers are slowly picking them up. Most transactions in the primary market are made with a mortgage charge, so citizens postpone the purchase of parking spaces and storage spaces, said Nadezhda Korkka, an expert on the real estate market.

Note that in new buildings in many European cities (as, by the way, in South Korea), each apartment sold is automatically linked to a parking space in a multi-level parking lot. This is laid down at a legislative level. Partly because of this assignment, you will not see any cars parked along the side of the road in new housing estates.

In Russia, by juggling legal requirements, developers “liberate themselves” from the need to provide every rented apartment in a new building with at least one parking space. But they do not forget to sell parking spaces in the same built parking lots at ever increasing prices. Since 2020, the average price of a parking space in a new building in Moscow has increased by 39% to 2.2 million rubles.